Improving. Atlantia shares are holding after sliding more than 12 as they dismiss the proposal to rescue the motor way operator describing the offer as insufficient well, stock markets here in europe have been open for an hour so far and what we had, a lot of green on these boards from the outset though we have bounced off some of the highs of the session, the core markets, and what we have so far in the benchmark, gains of 16 of a percent. We can switch over the boards. You can see how firm it is for the u. K. Stock market. Out in front, gains of 1. 1 . Typically its not the one taking leadership here in new york we were up more than 1 on the german stock market but we have given back some territory very close to that mark still a firm trade also some of the early gains enough to keep it above the 5,000 point handle lets take a look more broadly at what we got by the sectors at the start to every single sector trade and you can see that remains the case at the top, theyre now taking the top spot which has been stronger this morning. Chemicals also an improver as we move into the trading session. Autos from the outset. Some of the weaker ones at the bottom, retail, real estate and health care but still trading positive lets get into that trade because we dont always see that on the charts. Theres a long way back to the sector some of the better ones today, you have gains, thats up 2. 3 one of the better performers, also a decent trade this morning. You can see some of these from some of the medical experts still warning against traveling on cruise ships. Bouncing nicely 3. 4 got a decent size gain into Continental Hotels group thats up 3. 1 thats up 2 plus percent and you can see this part of the market on more than 2 gains on some of the individual stocks. Lets go out to matt for more on the asian markets and how they have performed how are we looking today its well and truly back in play today and the shanghai composite, one of the better performers across the region trading up by 1. 8 at the close we did see a number of these asian markets tacking on gains japan is the best performer of 2. 2 and 1. 6 and the Mainland China market up 1. 8 but i want to focus in on japan and korea because we have two Key Central Bank meetings this week. Unlikely to see a change when it comes to settings but well be looking at the commentary when it comes to the bank of orea and to the end of last week we saw authorities come out and impose greater taxes on people that own more than one dwelling. Of course we are watching it out of china this week were expecting to see the economy grow by 1. 1 thats against what we saw in the First Quarter of 6. 8 . The market shrugging off President Trump ruling out of trade deal with china. The relationship has been severely damaged elsewhere take a look at the singapore market we still have an hours trade left to go there but this is the underperformer in the region today. It was closed on friday for the general election maintaining power but seeing it lose balance this week of course the Second Quarter in singapore is when we had all the lock downs and shutdowns and its expected to be in the order of 11 plus percent for singapore. Karen back to you. Thank you for bringing us the latest on the asian markets. Lets push on to germany now as we have come comments from the German Economy ministry. There will be gdp growth only from the Third Quarter so spelling out the path and its the beginning of the journey. The economic low point has passed the economic process is just beginning. That Industrial Production passed its lowest point also that an increase in received orders indicates production will pick up in coming months but very weak dema demand china announced sanctions against u. S. Officials including senator marco rubio in retaliation for its own sanctions against officials. Bilateral tensions between the countries continue to escalate over a range of issues from the pandemic to trade leadiving the u. S. State department to exercise increased tension in china. President trump quashed hopes for a phase 2 trade deal with china. The u. S. Has threatened to slap new 25 tariffs on 1. 3 billion of france goods as retaliation for a Digital Service tax. In the past we have seen investors react to trade tensions and a specific list drawn up but this time its hard to know what they do with the information. This story keeps on going the latest chapter the one that you just mentioned. So you remember that they started the investigation in july of last year so the French Parliament voted this Digital Services tax on companies that make 750 Million Euros of revenue globallyand 25 million in france. And the u. S. Trade department opened this investigation to see whether this untargeted fairly u. S. Companies so they published a list of potential goods last year for 2. 4 billion of goods. And champagne and cheese as well as Leather Goods and now this was published yesterday and was much lower its 1. 3 billion and its 25 tariff and remember that, france agreed to suspend their tax while on going negotiations were happening to come up with a lateral frame work on digital tax in june he said that the u. S. Felt that the negotiation was at an impasse. That it focused on other matters including the Current Crisis they called this a provocation and said it was not a way to just deal with allies and said it was the right one and those negotiations would fail and france would carry on with its own digital ax they have hold on to the tax and packages they have put in place to support their economies in france they raised euros last year thanks to the digital tax. Could be up to 500 in the next couple of years. In the meantime the list published by the u. S. Is for the moment suspended until mid january but this is published here so on one hand you can see that its positive. Its less than what was published and its less goods and theres a strong deadline. Theres a deadline on whether they could come to an agreement. 180 days seems like a lifetime coming up on the show, dismisses Key Executives as they face reports of a toxic work place culture. Well discuss that after the break. Its going to be a big week ahead. It certainly is we have a big week on the economical lan der calendar as well. Then tomorrow opec begins its 2 day meeting. On tuesday well also get chinese trade data for june. The bank of japan issues its Rate Decision on wednesday while the fed releases its beige book and then finally on friday european leaders will be meeting in person again for the First Time Since the outbreak thats interesting with meeting this week on the Recovery Fund because a lot of the optimism around europe and the recovery hinges upon this fund getting past largely in its current fund so a major week for data and eu Recovery Fund proposal it tells you how many are looking forward to that Recovery Fund. I think earnings season gives us a glimpse into whats happening and what we have seen an awful quarter, one of the worst quarters ever. So thats going to be full disclosure on how bad the numbers will be but also what comes ahead. Theres a feeling that there maybe three times the coming years so theres still more expected from the sector too are they too optimistic . Also theyre optimistic about Forward Guidance perhaps more cautious commentary than perhaps stocks with disappointment what has really stuck out to me so far as far as earnings is the fact that we had so Many Companies prerelease their numbers. You have been so busy over the past week or so. In germany you have been so busy with companies coming out with numbers that are so far out of line with consensus that they have been forced to prerelease their numbers early just shows you how difficult it is for analysts and companies themselves to see where we give them a starting point for the next year and the rest of 20 or 221 where projections go this earnings season is really important in terms of grounding analysts so we have a real starting point for those projections that will determine whether valuations look cheap or look expensive at this point we have seen stocks attached to baskets of stocks to the upside or the down side with the rest of the stocks so you get a lot more discovery on the day that theres a report thats crossed and if you look at whats happened on the friday session, goldman sachs, that was the top mover for the dow and if you look at the s p, netflix also reporting this week that was a top mover for the s p. So i think theres going to be some upside. A lot of tradings action this week this is after they called the proposal to rescue the italian motorway decision insufficient the decision would be tomorrow and theres been a lot of negotiation behind the scenes on this one. Three top executives resigned over allegations of widespread harassment. The resignations included the global head of hr, the ceo of the canadian studios and the chief creation officer who is second in command at the company and responsible for many of the groups successful franchises. Investigators carried out by a french newspaper revealed a toxic culture of abuse, massageny and homophobia forcing them to make drastic changes to management as global lock downs were rolled back they said the recovery staggered across regions and sectors with overall Second Quarter operating income down 22 . While theyre no stranger to our next topic, Shareholder Activism, its on the rise and investors are beginning to focus on areas such as diversity and performance. Thats according to an overall increase in campaigns this year but not all of them have been successful joining us now is the ceo of cg analytics. Thank you for being with us. We have seen a rise in Shareholder Activism im curious how its effecting activist strategies. What are they trying to get out of companies what change are they pushing for in this environment . Thank you for inviting me on the how. It has been one of the areas where they have been focussing on i just heard something about culture. Culture is another thing where we have seen activists putting more focus on to have the right culture in place in terms of the regional split, shareholder activist started in the u. S. Where the whole corporate landscape lends itself better to activist investing than other parts of the world. Do you see that changing and if so, when when it comes down to the number from that perspective. Secondly we have seen a surge in japan. But it might change overtime. We have seen a lot of focus from the activists on this and overtime before the pandemic we saw some of those salaries grow and even if shareholders objected those salaries were still paid out now with the pandemic were seeing a lot of the senior salaries cut although theres been a granting of certain Stock Options thats quite handy what are activists going to do one of the things is to make sure that they pay online with the performance of the company theyre still rising now whether its the ftse 100. We expect to see more focus on that in the Upcoming Season when it comes down to 2021 reflecting to 2020 performance year and so we will see we will see more focus for activism on executive pay. I thought diversity was the other interesting one that you flagged up to us because ive been so to so Many Companies about the motivation to try to change the make up of boards but if you look at the representation on the ftse its still under 30 of female board members. Whats going to change with the activists and do you think that the pandemic where were seeing black lives matter take focus also create further motivation to equal some of the boards . I do think so its changing. So theyre changing their style and becoming more active and you look at them and theyre very much focused on making sure that the boards have the right mixture. Diversity plays a big role and its also focused on making sure that you have the right skill set in place, the right tenure and the right age so its a number of things that you make up the board to be really effective and i expect that to continue to focus going forward. Over the last several months investors across the world have been watching the collapse of wire card which really came together in the last couple of weeks and in wire card we had an active activist shareholder and they ultimately used a pretty clever strategy to cat liez the catalize their investment and of course we all know what happened there. Im curious how this impacted or could cat liez further like this across the investment community. Yeah. Its one of the exceptional cases we have seen in the market lately we have seen others taking place where theyre being a bit more successful and being able to turn around the company in a relatively short time frame so one of the things that youll see is with Companies Getting ready to deal with more activists hopefully youll see a more proactive engagement between investors and companies to prevent whats happening in the market with an example like wire card. Can i ask you about share buy backs . A lot of activist investors are championing for many of these pay outs to shareholders prepandemic but if youre taking the Government Schemes its hard to argue at this stage so what tone will the activists take on this matter . Its very sensitive with the market showing volatility on stock prices i expect to see that taking place. Theres examples of that taking place in the market. I expect to see more share buy backs taking place thank you very much for joining us today a fascinating conversation coming up on the show, spains foreign minister defends to finance the pandemic Recovery Fund the policy heats up ahead of a crucial summit later this week well have more on that after the break. Europe follows asia into the green and u. S. Futures indicate further rallies state side beijing will impose sanctions in retaliation for penalties over its actions in the province easing on the agenda, oil prices come under pressure amid reports opec and its allies could unwind their record output cuts now that demand is improving it dismisses the proposal to rescue the motorway operator describing the offer as insufficient out of the gate for the initial european board action but since then were giving back a lot of territory the ftse has been up more than 1 you can see it slipping below the level. Only half of a percent now on the french market. Also up more than 1 at the start and very slim gain just a tenth of a percent now on the italian market so a lot of the early optimism not sticking on the boards in terms of u. S. Futures, it is firmer so youd expect some of that action to stick we had a wall street trade friday session and fresh records on the nasdaq. There maybe a dose of caution. Well saudi arabia is leading calls to ease Oil Output Cuts from august. According to the wall street journal it comes amid signs demand for crude is picking up after the collapse caused by the pandemic the alliance of some of the worlds biggest producers that includes russia struck a deal in april to reduce production by 9. 7 Million Barrels a day. Theyre now proposing they relax them by 2 Million Barrels next month when they meet later this week the agreement would expect beijings presence in several Key Industries including banking, railways and telecommuications. The comments come ahead of a key summit meeting with leaders later this week. Tabling up how strong they could be you were saying with a focus on green and digital sectors there could be a doubling in peripheral growth for the block. Give us a sense of how the money would be forth coming and what we would need to see to achieve that number. I think the first thing to say is this depends on how you allocate money if you spend it on supporting hospitality and tourism they wouldnt be able to respond because of the constraints of the virus. Where if you invest in things like the transition then particularly in this situation we have a lot of Spare Capacity in the economy you can have a very significant Multiplier Effect so the key decision is how much youre willing to put toward investing in these forward looking sectors as opposed to paying obviously a very difficult political decision but what were saying is if you have the political commitment and focus in investment then you can have a really nice high multiplier around one so youve got 5 of gdp over the laugh time of the recovery back to the size that will add five Percentage Points to eu growth and when you look at it, you are 9 going into italy and 13 gdp going into spain you have an even more dramatic impact. So the potential is there for the larger impact. And we think that there will be Political Considerations which means more will be spent on these more constrained sectors which will have a lower growth multiplier but we think the commission low balls the growth impact conservative economy they picked a multiplier and i think that undersells the growth impact they could have. You would be asking europeans to turn their back on some of the most needed sectors when youre saying legacy business is being hit. Many Airline Companies in particular so it seems a very challenging act to say put the money toward another area of the economy because you get faster growth rates. What i do want to ask you too is clearly we dont have a lot of detail at this stage on loans versus grants. How do they also influence the growth rates that we can see so the impact is not so different because the loans are going to be loans with the duration of 10 to 30 years so its not immediately repayment and very low cost. Because it will be the cost of borrowing for the eu as a whole and therefore an omption for thm a peripheral country to borrow at but it adds to the debt. And its as a result of the spending from the pandemic so the problem is more about it exacerbating the debt sustainability challenge that for particularly italy and spain and peripheral countries face after the pandemic. And thats what we were worried about. And social consumption which is effected by on going viruss and they find it harder to get out europeans cleleaders focused on protecting the overall labor market but the European Union will see people staying injobs at businesses that perhaps shouldnt be open or dont need to as many employees so both workers and businesses alike so im curious how you see european policy makers changing focus to Job Retention to encouraging workers to shift out of industries and jobs that arent going anywhere into the growth sectors and the new techs of businesses that are actually going to thrive in a post pandemic world obviously you want to support everybody with the shock of the lock down. You want to mitigate the impact of the economy but you cant do that forever we have to adjust to the new world. Sost that why we think the Recovery Fund in particular should try to invest in the sectors, the digital and green sectors that were going to need in the future and now to support particularly in industry with low barriers to industry like hospitality and lez sure should be relatively modest if youre dealing with Something Like aerospace where its going to be difficult to put a firm together with technology and skills then theres a stronger taste for supporting it than there is for hospitality sector which may exit now but when the demand comes back can reappear very rapidly so those are the difficult sorts of pay offs and they want to maximize their growth bang for the buck they need to take tough decisions to invest in those industries of the future the other constrained industries and in terms of labor market impact, we very well maintain the link between the employer and the worker through lock down but hes not going to be a perfect fit. We still think it will be 3 to 400 basis point rise in euro Area Unemployment as a result of the pandemic much less than the u. S. But very significant. Thank you very much for sharing the report with us jay con, the head of european economics and the chief u. K. Economists of Morgan Stanley just a quick note you can follow us on twitter or tweet me directly on cnbc karen well squeeze in a quick break sunday marked the largest one day increase on cases jumping by over 230,000 in just 24 hours. More on the hotspots of driving the surge after this save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. With a total increasing by 230,000 in 24 hours according to the world health organization. They saw the biggest jump in cases. The total number of confirmed infections is nearing the 13 million mark the global death toll meanwhile is approaching 600,000 and increasing by roughly 5,000 per day. Florida reported a record rise in and 15,000 new cases on sunday easily surpassing the record in new york in april when it was at the epicenter of the u. S. Outbreak. This as disneyworld reopens its doors to the public with a series of strict Safety Measures in place virus cases are on the rise in 40 states with arizona, california and texas also reporting a sharp rise in infections and hospitalizations. White house officials hit out Anthony Fauci claiming that statements he made early in the pandemic were inaccurate this after he raised concerns over a recent sushrge in cases Kelly Odonnell has the details. The white house writing its own new prescription for managing the pandemic crisis a strategy to sideline the nations top Infectious Disease expert reducing his public visibility. Were still knee deep in the first wave of this. Officials are quitely providing a list of his Public Comments and advice dating back several months to undermine his credibility. They pointed to the january predictions that it was not a major threat and likely had no asymptomatic spread. Officials offered this february tv appearance. Theres no need to change anything that youre doing on a day by day basis. Officials failed to note faucis views were considered accurate at the time but the science evolves. The effort to diminish him starts at the top. He said dont wear masks and now he says wear them. Today the president s head of coronavirus testing also undercut his colleague. I respect dr. Fauci a lot but he is not 100 right. He has served six president s and was awarded the medal of freedom. His Approval Rating was 67 last month. The president in that same poll lagged behind at 26 approval. Their assessments about the crisis now often diverge. We have the greatest Testing Program in the world. I dont think you can say were doing great. Dr. Fauci declined comment. The president was dawning a mask for the first time in public saturday workers return to offices urging businesses to keep safety and sustainability front of mind steven, thanks for being with us today as we talk about this topic thats very much front of mind for a lot of people watching this show getting ready to go back to the office i know that you have recently produced a road map to return to work for your clients and other businesses beyond the obvious measures like socially distanced desks what do Companies Want in their newly adjusted offices good morning. I think that the big thing is people do want to come back to work the whole concept that people want to work from home forever is a fallacy and companies no doubt across sectors are con semiplatemplati the future is going to look like thats resizing in a lot of cases. Perhaps resizing the number of employees coming into the office for all the reasons that you just outlined. Im curious what youre seeing in terms of Office Leasing trends with so Many Companies looking to reevaluate what they need out of an office space now. Theyre right at the front and center of this theyre thinking looking at the future, what do we need . How much space do we want . So its massively important and we dont know what its going to be but people have to make decisions. Its badly designed offices. Were datalking about blended environments its about collaboration where people can come together and be together some have gyms and some have a lot as well. What do you think people want given that a lot of shared services are out. When were talking to clients were talking about a Health Pandemic so were assuming a vaccine at some point so once we have that in place we do want space to collaborate. Its all about sharing of ideas. The idea that working from home is wonderful and you want to sit down and concentrate on what youre doing but the opposite is going to be a space to collaborate and have blended environments i dont see the end of that. You mentioned in some of your points about those signing leases now, just how much some of the land lords are discounting to try to sign up leases some just wait and see in terms of our work we havent seen anything cancelled. All we have seen is a pause. People waiting to see whats going to happen and taking the time to make decisions some are going to be more but its the cause right now and i think in the next six months, well get a clearer picture of what thats going to be. Were seeing an up tick in interest as people look for more green space. Are you seeing a shift in terms of where companies are looking to expand or shift their offices . I think theres a process right now behind that. I think that we do it and i think that one thing were going to start thinking about is pandemic resilience. And i think that we are going to see a distribution of locations. Its sort of like the model where you have your main hub somewhere central which is where you have it before technology and to the outside world and to your clients but then maybe in other locations you have a midway place which is where they can go and its an upgrade but you have to command the city center as well so maybe well see a bit more of that as we go forward. Thank you for joining us today. Steven with us the white house is calling for in Person Learning to return to schools despite rising coronavirus cases in the u. S our nbc colleague tracie potts joins us life from washington d. C. Just talk us through the latest around schooling. With coronavirus spreading in florida which just broke a record for the most cases of any state. Not just its own record but any state in the United States but the trump administration, the president , the education secretary say that theres no evidence that its spreading more quickly among School Children and its not dangerous to get them back to class. But they dont necessarily agree especially in areas where were seeing coronavirus spike theyre offering options of sending their children back a few days of the eek. And some of those presume in a month. Hes taking a lot of criticism from the white house. Well, theres a clear effort to try to discredit dr. Fauci he says he has not personally briefed the president in two months and now the white house is releasing a list of a dozen or more statements that he made and hes saying that were doing great and fauci is saying that thats not the case at all theyve been at odds and the white house is trying to discredit him. Tracy, we appreciate itmen a a quick look at markets before we let you go adding to the gains that we saw friday and also the course of last week. The nasdaq at a fresh record but its all about earnings season this week. Thats all for todays show. Thanks for watching. Worldwide exchange is up next. 58 million latinos live in the United States. If we all participate in the 2020 census, we can ensure fair funding for our schools, libraries, hospitals, and other public services. The census is safe, its confidential, and our community is counting on us to do our part. We know who we are and how vibrant our community is. Lets make sure our nation knows it too. For more information, visit getcounted. Com, and to participate, go to census. Gov. It is 5 00 a. M. In new york and heres your top 5 at 5 00 stocks looking to rise again even as the earnings picture gets more cloudy it remains all about the big tech juggernaut as one index continues to out perform the rest, up 7 in 7 days. This as coronavirus cases cast a shadow on the markets and america. One area seeing a resurgence you have a possible 70 billion Technology Deal ready to be announced as soon as